PETALING JAYA: Apex Equity Holdings Bhd received shareholders’ nod at its EGM today for the proposed merger between its wholly owned subsidiary JF Apex Securities Bhd and Mercury Securities.
A filing with the stock exchange shows that 54.8% of its shareholders voted for the deal, which will help Apex expand into the full-fledged corporate advisory business.
The proposed merger will involve the transfer of Mercury’s stockbroking, corporate advisory and other related businesses together with the requisite business assets and business liabilities to Apex for RM140 million.
Apex will pay for the transaction through a combination of RM48 million cash and 100 million new Apex shares at an issue price of 92 sen per share.
Apex will finance part of the cash portion via a private placement of 20 million. The resolution for the private placement exercise was also passed at the EGM.
Upon completion, Mercury will hold about 31% of Apex.
Mercury, which has been in operation for 26 years, is one of the three non-bank backed players licensed by the Securities Commission Malaysia that can undertake full-fledged corporate advisory services which include initial public offerings, mergers and acquisitions, takeovers and privatisations, equity fund raising, underwriting and placement of securities.
